After all, your broker is a critical piece of the puzzle that will determine whether your refinancing efforts are successful or not.
Because your mortgage broker plays such an important role when you refinance, you need to be sure that he or she is the right person for the job.
Don't be afraid to ask the hard questions, and at same time, expect the right answers before you entrust personal financial information to them.
Think about it. Your broker is going to have in his or her possession your entire financial life, from Social Insurance Number or Social Security number (depending on where you live), and how much you make, to how long you've worked for your present employer. Before you pony up this information, it's imperative that you find out that they're trustworthy.
Before selecting a broker to handle your refinancing needs, check them out with former clients - ask for references. This is a good way to shake the bad apples out of the tree.
If they're reputable and as good as they say they are, they'll be glad to put you in contact with previous clients. Whatever you do, don't take no for an answer. Don't settle for excuses, and don't be put off. If your mortgage broker won't give you the references you requested, then head for the door as quickly as possible.Any mortgage broker worth doing business with will have a list of former clients.
Call several of them and ask them these 5 questions:
1. What was their overall experience like with this mortgage broker?
2. Were they happy with the final outcome he or she provided?
3. Were their concerns handled quickly and directly?
4. Were calls answered or returned promptly?
5. And of course one of the most important questions, would they recommend his/her service to a friend?
When you're refinancing your home you want to know that you're dealing with a true professional. There's really only one way to find out. Do your homework, make a few calls, and put your mind at rest. Your refinancing experience will be much more pleasant and memorable if you're dealing with a good broker.
